MoneyDigest - Personal Finance, Lifestyle, Money Saving Tips

Should you take many short, cheap trips in a year or invest your money in a long, expensive trip once a year?

If you’re like me, a wanderlust-er, you’re always plotting your next escape.

But here’s a big big dilemma: should you go for quick, budget-friendly getaways, or save up for one blow-out vacation?

Let’s look into this topic together.

The pros of taking multiple short, cheap trips

Boost your endorphin levels

I’m sure you know that wonderful feeling of counting down the days to your next getaway.

By taking multiple short trips throughout the year, you’re giving yourself more opportunities to feel that pre-vacation hype.

Let’s also not forget that brief escapes can increase your positive emotions.

Stress less, live more

Life is a rollercoaster of stress and by taking regular travel breaks, you’re giving your mental and body chances to reset.

Think of it as preventive medicine for your well-being!

The benefits of investing in one long, expensive trip

More bang for your buck

If you believe in “quality over quantity,” investing in one long, expensive trip each year is the way to go.

Instead of just skimming the surface with weekend getaways, you’re allowing yourself to fully experience a new country, food, and more.

Plus, you will have more flexibility in your travel plans, not having to cramp everything in days.

Expand your horizons

Saving up for that big annual trip means you can push your boundaries and explore places you’ve never been before.

man taking photo of woman against a backdrop of hot air balloons

Image Credits: unsplash.com

Maybe you’ve always wanted to trek through some great mountains or sail through some faraway islands.

With a bigger budget, these experiences become possible.

Stress-free planning

Travel is fun but planning multiple trips throughout the year can be exhausting.

By focusing on one big adventure, you can take your time researching and planning your destination; curate the perfect itinerary, find those hidden spots, and ensure every aspect of your trip is exactly what you want.

How to decide?

Your energy levels and vacation time

Think about how much time off you can realistically take from your boss.

If you’re the type who gets wiped out after a week away, shorter trips might be your thing since they are less fatiguing and easier to bounce back from.

But if you’ve got a decent chunk of time to spare and love exploring new places, a longer trip works.

Excitement and variety

Multiple short trips can keep your excitement levels sky-high throughout the year since there’s always another adventure waiting!

But don’t count out long trips just yet; they offer a different kind of thrill.

Destination demands

Some places are perfect for a quick weekend getaway, while others need more time to fully appreciate.

What’s on your bucket list?

If it’s a complex destination with loads to explore, a longer trip might be the way to go.

But if you’re eyeing several easily digestible locations, go for short trips.

If you crave variety and frequent escapes from the daily grind, choose short trips. But if you want that once-in-a-lifetime adventure, saving up for one HUGE journey could be worth it. Weekend road trips or weeks-long expeditions, it’s your pick.

What to Do If You’re Stuck in a Job You Hate

We’ve all been there—stuck in a job that feels like a never-ending grind. A friend of mine has been thinking about quitting for ages but hesitates due to the high cost of living and family commitments. It’s tough to stay in a job you dislike just to stay afloat financially. I’ve been in that position too.

But you do have options. Here are some tips to handle it:

#1: IDENTIFY WHAT YOU CAN AND CAN’T DO

Take a step back and list what aspects of your job you can control versus what you cannot. This might include seeking help from your co-worker or making the most of your downtime. Knowing your limits can help you make better decisions.

#2: MAXIMIZE YOUR DOWNTIME

Remember, your job is just one part of your life. Engaging in hobbies, spending time with friends, or volunteering can offer fulfillment and lessen the pressure on your job to provide all your emotional needs. Many find that pursuing outside interests brings a renewed sense of purpose. Try pickleball or visit local museums!

#3: WEIGH YOUR OPTIONS

Assess both the positive and negative aspects of your job. While the drawbacks might be obvious, do not forget to consider the benefits—such as a steady paycheck, a structured day, workplace friendships, or a sense of contribution. For the negatives, think about possible solutions, either on your own or with your company’s help.

#4: EXPLORE NEW OPPORTUNITIES

Say that you’ve weighed your options and things in your current company are still grim. Sometimes, a change of environment can refresh your outlook. Be open to exploring new professional fields or industries. Even if you’re not ready to leave your current job, learning about different settings can help you understand what you truly want.

#5: CONSIDER FINANCIAL IMPLICATIONS

Worrying about a potential pay cut when changing jobs is common. However, a new role might offer better compensation or benefits. Salary can depend on various factors like industry, location, and your skills. If increasing your income is a priority, it’s often achievable with the right strategy.

#6: PLAN YOUR NEXT STEPS

If your job is negatively impacting your health or happiness, it may be time to plan a transition. Start networking, update your resume, and think about your next career move. Even if you do not land a new job immediately, laying the groundwork can set you up for success. In the meantime, focus on your well-being and stay connected with friends.

Image Credits: unsplash.com

Being stuck in a job you hate does not have to be your only option. By understanding your situation, weighing your choices, and taking proactive steps, you can move towards a more fulfilling career. Remember, you have the power to create a path that aligns with your needs, goals, and well-being.

Sources: 1 & 2

Why Renting is the New Home Ownership in Singapore

With skyrocketing property prices and evolving lifestyles, more Singaporeans are finding renting to be a practical and often better choice. Here’s why renting is becoming the new home ownership in the Lion City.

FLEXIBILITY AND MOBILITY

Renting offers the freedom to move easily, whether for job opportunities, lifestyle changes, or personal preferences.

For instance, my friend, a marketing executive, recently secured a job in a different part of the city. As a renter, she could effortlessly relocate closer to her new workplace in Raffles Place, avoiding the hassle and cost of selling a property. This move significantly reduced her commute, giving her more time for herself and the things she cares about.

FINANCIAL CONSIDERATIONS

Owning a home in Singapore requires substantial financial commitments, from hefty down payments to long-term mortgage repayments. According to the PropertyGuru Singapore Consumer Sentiment Study H2 2022, younger Singaporeans (aged 22 to 29) are increasingly turning to renting due to insufficient savings for property purchases. This is not surprising, given that young, unmarried Singaporeans face restrictions in the HDB market. These restrictions include the need to apply as a couple or family unit, or wait until they turn 35.

Property costs can be overwhelming, but renting allows for better cash flow management. Without the need for a large initial payout, individuals can invest in their businesses, save more, or enjoy experiences that enhance their lives.

DEPRECIATION AND MAINTENANCE COSTS AVOIDANCE

Owning property involves more than just the purchase price. Maintenance, repairs, and renovations can accumulate costs over time. Moreover, property values may depreciate.

On the other hand, renters are free from these additional expenses since landlords usually handle property upkeep. This leads to significant savings and less financial stress.

ACCESS TO PRIME LOCATIONS

Renting can provide access to prime locations that might be unaffordable or unavailable to buy. Living close to the city center, with its vibrant lifestyle and convenient amenities, often comes with a high price tag for buyers. Renters, however, can enjoy these benefits without the long-term financial burden of a mortgage.

LIFESTYLE CHOICES

For many young professionals and expatriates, renting suits their lifestyle better. The flexibility to move closer to work, live in trendy neighborhoods, or enjoy various amenities often outweighs the traditional desire for home ownership. Renting supports a lifestyle that values convenience over long-term financial commitments.

For instance, my cousins, who are avid travelers, leave home once or twice a month. They can easily spend a month exploring Europe since they aren’t tied down by home ownership and its maintenance.

MARKET VOLATILITY

The property market in Singapore can be unpredictable, influenced by economic conditions, government policies, and global events. Renting provides a cushion against market volatility, as renters are not directly affected by property value fluctuations. This stability is particularly appealing in uncertain economic times.

IN A NUTSHELL

While home ownership has long been seen as a cornerstone of financial security, the trend in Singapore is shifting. Renting is increasingly recognized as a practical, flexible, and financially sound alternative.

Image Credits: unsplash.com

As the saying goes, home is where the heart is – and for many, that heart is happier and freer in a rented space.

Sources: 1,2, & 3

Latest WFH internships posted from 15 to 18 July 2024

Looking for opportunities under the big umbrella of marketing and business development?

We’ve got all the opportunities for you this week.

Take a look and send in your application fast!

#1: Living Shrimply – Digital And Social Media Marketing Intern/PT

Website: livingshrimply.com

Allowance / Remuneration: $700 – 1,500 monthly

Job Qualifications

Keen to learn media production and marketing
Someone with a good attitude and consistency

Key Responsibilities

Content Creation and Management:

Develop and execute engaging content strategies across all digital platforms, including social media, blogs, and email newsletters, to showcase aquascaping projects and products.
Produce high-quality multimedia content (images, videos, infographics) to highlight the beauty and intricacies of aquascapes.

Social Media Strategy and Execution:

Plan, implement, and manage social media campaigns to increase brand awareness, engagement, and conversions.
Monitor social media trends and leverage insights to enhance brand presence and reach.

How to apply?

View the job post in full here and email [email protected] to apply.

#2: Autonetics Pte Ltd – Business Development Intern (B2B)

Website: autonetics.com.sg

Allowance / Remuneration: $800 – 1,500 monthly

Job Qualifications

Currently enrolled in or recent graduate of a program in Business Administration, Marketing, or a related field.
Strong interest in business development, sales, and B2B marketing.
Excellent communication and interpersonal skills, with the ability to build rapport with clients and stakeholders.
Proactive and results-oriented with a strong desire to learn and grow in a fast-paced environment.
Ability to work independently and as part of a team, demonstrating strong organizational skills and attention to detail.
Familiarity with CRM software (e.g., Salesforce, HubSpot) is a plus.

Key Responsibilities

Conduct market research to identify potential clients and industries for business expansion.
Assist in developing and implementing strategies to generate leads and drive sales growth.
Support the business development team in preparing proposals, presentations, and pitches for client meetings.
Engage with prospective clients through cold calling, email outreach, and networking activities.
Collaborate with marketing to create compelling content and campaigns that resonate with the target B2B audience.
Track and analyze sales performance metrics, preparing regular reports for management review.
Contribute to maintaining strong relationships with existing clients and partners.

How to apply?

View the job post in full here and submit your resume to [email protected].

#3: Maven Potter – Social Media Management Intern

Website: mavenpotter.com

Allowance / Remuneration: $1,000 – 1,500 monthly

Job Qualifications

Good English writing skill
Suitable for undergrads/fresh graduates who are pursuing or have completed a Diploma or Degree in Communication / Marketing / Public Relations / Journalism-related studies
Adept at using Microsoft Word and PowerPoint
The ability to use Canva will be an advantage
Meticulous multi-tasker and a dynamic team-player

Key Responsibilities

Assist with the management of social media campaigns and content publishing
Research and curate content for social media posts
Write copy for social media engagement posts
Produce content for social media posts, which may include short social videos, feature stories, and photo stories

How to apply?

View the job post in full here and email your resume and portfolio to [email protected].

#4: Belle Femme – Business Development Intern

Website: bellefemmesg.com

Allowance / Remuneration: $500 – 1,250 monthly

Job Qualifications

Not specified.

Key Responsibilities

Marketing Executive with Creative Design Skills

Part-time or Permanent contract. Best with experience. Able to commit to 50% working in the office and 50% remotely basis.

IT Executive

Part-time or Ad-hoc basis. 100% remote. Equipped with SEO, Meta, and Shopify management skills. If you feel you are able to contribute and support Belle Femme in venturing into overseas markets, do state your preferred terms and salary for fast consideration.

How to apply?

View the job post in full here and write to Renee Katy Yong via this link.

#5: Intellect – Marketing And Copywriting Intern

Website: intellect.co

Allowance / Remuneration: $700 monthly

Job Qualifications

Currently pursuing a Bachelor’s degree or higher
Have excellent written & verbal communication skills in English
Are data-driven, results-focused, and always looking to improve things
Highly organized, and able to work independently and in teams
Preference for candidates who are able to commit full-time (3-6 months)
Preference for experience in prior jobs, internships, and/or certifications in Digital Marketing

Key Responsibilities

Work with Brand Marketing to ideate new marketing campaigns and initiatives
Assist the team in ideating and executing a content calendar across Facebook, Instagram, LinkedIn, and other new media platforms
Tracking and analyzing content and paid marketing efforts on social media
Create content and copy for integrated media strategies such as PR, email, video, and paid marketing
Manage and nurture working relationships with ambassadors and Key Opinion Leaders (KOLs)
Liaise with key brand partners and co-building promotional campaigns
Support the Marketing team in organizing and planning for Intellect’s annual Mental Health Festival
Partner with the B2B Marketing team to organize Intellect’s sponsored booth and entitlements at key HR conferences
Assist with event marketing for thought leadership events that are self-organised or run with partners
Test and learn new digital assets on various owned, earned, and paid platforms

How to apply?

View the job post in full here and apply via this link.

Editor’s note: These positions are selected based on the “remote” tag, but some are hybrid ones and you may need to report physically to the office. For more deets, do contact the employer directly.

Why Is It So Difficult To Save Money?

As I looked at my balance, I was overwhelmed by how fast my salary had disappeared. I’m not the only one! Many of us handle daily expenses and unexpected costs one day at a time, especially those living paycheck to paycheck. With the high cost of living, unnecessary purchases, and unforeseen expenses, why is it so challenging to save money? Here are some key reasons:

#1: NOT PRIORITIZING DEBT

Debt can be a major obstacle to saving money. The desire to pay off debt rather than save is strong, especially with revolving debt like credit cards. Interest rates on these accounts can fluctuate, often increasing the amount owed.

For example, the average interest rate on credit cards in Singapore is around 25% per annum. Consolidating debt with a low- or no-interest card or taking out a lower-interest personal loan can help ease this burden.

#2: IMPRESSING OTHERS WITH SPENDING

Social pressures can lead to overspending. Maybe friends invite you to an expensive restaurant, and you go along, only to split a hefty bill. Or perhaps you use a bonus to buy a status watch to fit in with big-spender pals. I recall a colleague who stole money from the company just to maintain face in their religious community.

If you find yourself overspending with friends, consider more affordable activities like museum-hopping, hiking, or local events. These are simple ways to save money while still enjoying time with friends.

#3: HAVING INSUFFICIENT INCOME

Your earnings need to cover your expenses, but sometimes unexpected costs outpace your paycheck. Keeping a budget helps track spending and identify areas for adjustment. For example, if your rent increases by 12%, you’ll need to find the extra money. In such cases, a side hustle might be beneficial.

#4: SHOPPING EXCESSIVELY

Shopping excessively doesn’t necessarily mean always filling your online cart. It could mean not being strategic about your spending. I’m guilty of this, especially since I prefer designer makeup and skincare for my sensitive skin. For instance, daily trips to a grocery store are more expensive than bi-weekly bulk shopping trips.

Making lists, tracking prices, and using coupons and cashback offers can help save money and even make the process enjoyable.

#5: LACKING MOTIVATION TO SAVE

Saving money is challenging if you don’t have a compelling reason. You might be overly focused on the present or unsure about future goals. Creating a savings plan starts with asking yourself where you want to be financially in the next 5 to 10 years and what you need to do to have “enough” money.

#6: INCREASING EVERYDAY EXPENSES

Many people debate whether the rising cost of living is as bad as it seems, but most Singaporeans have felt the pinch in recent years. Inflation affects housing, utilities, and groceries, and wages haven’t kept up.

#7: LACKING THE INSTINCT TO SAVE

Saving for the future isn’t a natural human instinct. Our brains struggle to think about the future in concrete terms. However, we can either trick our minds into better future planning or make saving money automatic. Behavioral economist and Nobel Prize winner Richard Thaler suggests, “If you want to help people accomplish some goal, make it easy.”

Image Credits: unsplash.com

By understanding the reasons why you need to save and making mindful adjustments, saving money can become more achievable.

Sources: 1,2, & 3